First timer - buy and hold investment

[Hannah Joy]

Investment Info:

Single-family residence buy & hold investment in Eureka.

Purchase price: $299,000
Cash invested: $14,000

First purchase! 14k down, 15k to rehab. Adding a 4th bedroom, converting detached garage to ADU. Already dreaming about the next one :)

What made you interested in investing in this type of deal?

It seems like real estate is one of the only ways a girl can start out with very little and grow relatively quickly

How did you find this deal and how did you negotiate it?

I made my agent take me to every single listing in town :)

How did you finance this deal?

Conventional loan. I work in cannabis so they made it difficult.

How did you add value to the deal?

In process of rehabbing to add value. 4th bedroom and converted ADU. It is also a double lot, so future potential there.

What was the outcome?

I'm hoping the outcome is to build enough equity to finance my next purchase in a year.

Lessons learned? Challenges?

Do more research than everyone else does.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Thomas Walker - agent
Fairway Mortgage - lender